Profile picture for vintagelace

I keep getting outbid

The last three houses I have made offers on I offered the asking price and I would pay closing costs. People are offering more than what the houses are worth. Once the house is appraised and it isn't worth what the offer is,  then the seller and buyer agree to a different price? So I should make an offer more than what the house is worth so I will get a winning offer and see about the  negotiating after the house is appraised? 
  • April 24 2012 - Ontario
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Answers (4)

Best Answer

Some would say this is not the best way of going about it, but yeah, if you want to roll the dice on the appraisal and working with the seller afterwards then that's up to you.  Are you sure that isn't just how it's worked out for those buyers or are you saying it's a "strategy" they are using?

I don't know why you should do that though with all the deals out there it should technically be a buyers market.  You may end up paying too much for a property if you do what you described.  Take your time, don't get frustrated, timing is everything in real estate.


Ryan
  • April 24 2012
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Profile picture for mariasimsteam
With lower inventory, this is happening everywhere.  We are seeing an increase in prices because of 5-10 offers on almost every home.  Buyers are placing offers on 5-7 different homes before landing one.
  • April 25 2012
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Profile picture for SeanGlaze
It can be frustrating but unless you want to overpay stay the course you will get a home you love at a price you are happy with.
  • April 25 2012
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Profile picture for Ofe Polack
Are you working with a buyer agent, who is providing you with a CMA prior to writing the offer...?  You do not say if the properties you had made offers on, were short sales or  foreclosures.  In any event, there are many other reasons for which your offer may not have been accepted.  I do not know your market, but here in NH there are a lot of cash investors purchasing homes.  These type of investors have no contingencies on their contracts, they close in less than a week for cash.  Against this type of buyer, is difficult to compete.  On the other hand there are some listing agents that are underpricing properties in the hope to start a price war.  I am a 7-day cash buyer and on my last attempt was overbid by other investors.  I wonder how you are privy to what is happening on the other properties that you did not get....
  • April 24 2012
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